Quant [QNT] is showing signs of positive recovery as the price holds near critical support levels despite recent momentum having decreased.
At the time of publication, QNT is trading at 104.17 USD, down 1.05% in the last 24 hours. This coin is forming a double bottom pattern at 102 USD, signaling a potential upside.
However, the critical challenge is to break through the resistance level of 121.44 USD to solidify the bullish trend.
Price action and double bottom pattern
The chart shows a promising double bottom pattern at 102 USD, signaling a potential upside. This pattern often indicates a reversal in a downtrend, and Quant seems to be following this trajectory.
Breaking through the resistance level of 121.44 USD will confirm this reversal and pave the way to the next important resistance level at 145.12 USD.
However, if the 102 USD level is not maintained, it could lead to prolonged consolidation, delaying any significant price volatility. Therefore, the 102 USD support area is crucial for the short-term future of this coin.
Source: TradingView
The Parabolic SAR indicator has shown signs of a point appearing below the candles, signaling that bullish momentum is developing. This indicator aligns with the potential for further price increases, especially if QNT surpasses resistance levels.
Moreover, the Relative Strength Index (RSI) stands at 46.94, reflecting relatively low buying interest. However, this still leaves room for development, and crossing above 50 will confirm increasing buyer confidence.
These indicators together suggest a bullish trend is forming.
Source: TradingView
Increased network activity
Network activity is increasing, reflecting high interest and participation from users. In the past seven days, active addresses increased by 38.28%, while new addresses rose by 29.50%.
This increase indicates stronger participation from both new and existing users, often leading to more significant price action. Therefore, the rising participation reinforces optimism about QNT's recent potential.
Source: IntoTheBlock
Reduced selling pressure on Quant
The number of withdrawal transactions increased by 43.33% in the past week, signaling reduced selling activity and increasing accumulation.
This trend aligns with the fact that the number of investors choosing to hold QNT rather than sell is increasing. Therefore, this behavior typically precedes bullish momentum, as demand outstrips supply in the market.
Source: IntoTheBlock
Analysis of exchange reserves
The reserve on exchanges for QNT has decreased by 0.24% in the past 24 hours, down to 1,392.7 million QNT. This decrease reflects an increase in withdrawals as investors convert their Tokens off the exchange for long-term holding.
Thus, the decline in reserves signals confidence in QNT's future potential. Moreover, low reserves often indicate reduced selling pressure, supporting the bullish argument.
Source: CryptoQuant
QNT is displaying positive signs of a bullish breakout, supported by a double bottom pattern, increased address activity, and reduced exchange reserves. If the Token successfully reclaims the 121.44 USD level, it could target levels above 145.12 USD.
However, sustainable growth momentum depends on maintaining network participation and surpassing resistance levels.
Although QNT's future appears optimistic, the coming days will determine its direction.